Bitcoin's Price Surges 16% Since April, Faces Key Resistance
2min read Bitcoin's price has surged from below $90,000 in April to around $104,000, showing signs of exhaustion near the $105,000 resistance zone. The daily chart indicates that Bitcoin has entered a critical supply area that has historically triggered sharp rejections, suggesting that buyers are becoming cautious.
Ask Aime: "Should I buy Bitcoin now before it corrects?"
The rally that began with a breakout above $95,000 now faces key resistance between $104,000 and $106,000, an area marked by multiple historical rejections. At the time of writing, Bitcoin is trading with mild intraday losses, showing a -0.1% decrease on the day and a potential pause after a strong weekly move.
Ask Aime: How do we play Bitcoin's recent breakout above $95,000?
On the 30-minute chart, Bitcoin remains in an elevated structure but is trading sideways with a flattening bias. The Relative Strength Index (RSI) is currently at 47.5, just below the neutral 50 mark, signaling a loss in bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is narrowing and hovering near the zero line, indicating waning momentum. This aligns with the sideways movement seen since May 10.
Bollinger Bands are compressing around the $104,000 zone, a common precursor to a breakout. However, the candles are showing smaller body formations, reinforcing the lack of directional conviction. This increases the probability of a volatility event over the next 24 hours.
The Ichimoku Cloud on the 4-hour timeframe shows Bitcoin trading above the cloud, with flat Tenkan-Sen and Kijun-Sen lines—a classic signal of a trend pause. If Bitcoin price volatility expands, the next breakout could be rapid.
The price remains caught between a short-term consolidation phase and a strong macro uptrend. The 30-minute chart shows a tight range forming between $103,800 support and $104,800 resistance, with neither bulls nor bears showing full control. Bitcoin price spikes earlier in the week were triggered by a clean triangle breakout above $101,000, but recent candles have failed to close convincingly above $104,500. Trendline breaks and volume signals on the intraday chart suggest a possible minor correction if $103,500 fails to hold.
That said, there is no clear reversal pattern yet. The underlying structure still favors buyers above the 200 Exponential Moving Average (EMA), which sits near $97,400 on the 4-hour chart. A failure to break above $105,000 could trigger a test of the $102,500–$103,200 support band.
Looking ahead, if bulls push Bitcoin price above $105,200 with volume confirmation, the next resistance lies at $107,500 and then $110,000. A decisive breakout from this area could invite fresh long positions. On the downside, if Bitcoin price today loses the $103,000 handle, a retracement toward $101,500 and the prior breakout zone at $99,000 becomes likely. Key support for bulls to defend remains the $100,000 psychological level, which also aligns with multiple EMAs and Ichimoku support.
With indicators like Stoch RSI showing oversold levels on the 4-hour chart and MACD flattening, Bitcoin appears ready for a directional move—traders should monitor volume closely for confirmation of breakout or breakdown.
